BitcoinPoS - Bitcoin Proof of Stake - Decentralized, Secure, Fast
Website:
https://www.bitcoinpos.net/Code:
https://github.com/bitcoin-pos/bitcoin-posVideo Presentation:
https://www.youtube.com/watch?v=AtAhOefu02AEmail:
contact@bitcoinpos.netExplorer:
https://explorer.bitcoinpos.net/Total Supply: 21 million
Premine: 250000 coins - 5000 blocks
Block generation rate: 3 minutes
Initial block reward: 50 BTP/block
Current block reward: 6.5 BTP/block
Coin Maturity: 500 blocks
Block reward: reduced by 25% every 700k blocks(aprox 4 years)
Estimated TPS: 21 transactions/ second
BitcoinPoS and Its Advantages
Pro-Decentralization Design
Mining is an energy-intensive process, as miners compete to be the first to solve the complex mathematical equations in order to get the block reward. In a Proof of Stake network, the stakers, or validators, can get new coins by keeping a number of BTP in an active wallet.
Due to its design, staking does not demand energy in high quantities, like in PoW systems. Most Bitcoin mining operations are now controlled by big companies, as only they have the capital to invest in many performant mining equipment. This leaves out regular people who cannot afford mining hardware, and thus the hashrate of the network becomes centralized, limited to only a few big mining farms. But with BTP, all users can stake coins, therefore, encouraging participation from more people and distribution of power throughout the network.
Resilience Against 51% Attacks
BitcoinPoS is resistant to 51% attacks, as the PoS protocol was designed to promote decentralization. BTP also uses a variation of the Proof of Stake model known as Mutualized Proof of Stake consensus, which is almost impossible to breach by an attacker, as it requires a lot of resources.
99% Reduction in Power Consumption
A PoS system does not need users to solve complex algorithms that are energy-consuming. This allows staking to be a more economical process of generating new BTP, using 99% less than Bitcoin mining.
Friendly to the Environment
All PoW mining operations are taxing on the environment because of its high energy consumption. BitcoinPoS can function and issue new coins without the need for mining farms, and thus it is more eco-friendly.
Universally Accessible to Users
Setting up and managing a mining equipment to mine Bitcoin is a big investment that not many people can afford. BTPs can be easily staked by all people, as a laptop or a personal computer is powerful enough to be used in staking.
Bitcoin Proof of Stake (BTP) allows all types of users to easily invest in a more efficient version of Bitcoin that carries with it all the perks of a PoS model.
